This is a little mental trick reader Janice uses to fight unnecessary spending:
If you find yourself in one of those moods where you just “have to have it”, and end up in the store staring at it, talk to yourself about it. List all the reasons you want it (want, not need), and all the reasons you don’t want or need it…
Too pricey, have to dust it, won’t use it that often, no place to put it, don’t have the money, don’t want to use credit card, anything to talk yourself down and get out of there without whatever it was you thought you wanted.
I have done this many times, and it really works. I even sometimes talk myself out of things I thought I really needed, but didn’t, I had something at home that would work, or I just needed it ONE time, or something like that. Try it You’ll Like IT.
Nothing like a little dose of rationality to chase the spendthrifties away. What mind games do you find yourself playing to keep yourself from spending?
(Photo: Getty)
What mind games do you find yourself playing to keep yourself from spending?
None. Unemployment drastically changes your perspective on WANT vs. NEED… not that I would recommend it to anyone.
Just think “If I lost my job tomorrow, and had to live on $500 a week, could/should I buy this?”
@MercuryPDX:
I love that you think $500/week is what the unemployed have to scrape by on.
I work full-time and make less than that.
@Clold: Thats exactly what I was thinking. Actually, my thought was “really? damn, I should quit my job, I could make the same or more than I do now for not working”
…
@Clold: Me too!!
@Clold: That’s what I got in UI Benefits. $485 a week to be exact:
[www.esd.wa.gov]
I am sure people are making due with much less, and did not mean anything negative by it.
@Clold: Ha! Me too. Damn. Where is this delicious unemployment?
@MercuryPDX: Which is exactly why I hate my AT&T plan for my new iPhone. $80/mo > $30$/mo
*sigh*
@warf0x0r: I don’t care about the iPhone
@warf0x0r: work pays for my cell phone; i added it up i save $600 a year on service not including the price of the phone and equipment. and they pay my health insurance premiums. i love my job
@MercuryPDX: I know. I’ve been unemployed for almost a year and I had no idea how depressing it is, or how frugal I could get.
@MercuryPDX: @Clold: Wow. What a positive, awesome statement. Have fun, robot!
@MercuryPDX:
Man, and I was complaining my 7400/month wasn’t gcutting it anymore. Damn wife is driving me into bk with her spending habits.
Why do people need “tricks” and games to keep themselves from overspending? Just make a budget, and stick to it. Plan out big purchases in advance so that you can afford them. It’s not that hard.
@johnva: Everyone has bad habits.
@johnva: The same reason they need “tricks” to lose weight, stop biting their fingernails, swear less, save money, whatever. The old habit is self-reinforcing because it’s the known, familiar behavior. Those of us without wills of iron need to find ways to make the new, unfamiliar behavior rewarding–especially if it’s something with delayed gratification (smaller ass, bigger savings account, prettier hands). Eventually, the newer, more desirable behavior becomes easier, but sometimes we need “tricks” to pave the way.
@johnva: Budgets work for some people Jedi mind tricks work for others.
I’m a spaz and a recovering impulse shopper. When I see something nice and I want it, having the mental discipline to put the debit card away is handy.
@johnva: Lack of self-control.
Then, when they splurge they can rationalize “well, I just didn’t know the right anti-spending trick” instead of realizing they’re just a bit of a crap human.
@johnva: Merchandising is all about generating desire or need. Ad people are trained to push your buttons.
@johnva: It’s not that these are “big” purchases necessarily. If you have two “small” purchases close together, it can be as big as a “big” purchase. Say what you will about personal willpower, but there are thousands of people out there whose sole job is to convince you that this is the product you should buy. Things like limited time only sales can also eat away at your budget, as right now it’s 25% off, which is saving money, but by the time you have the surplus you need to buy it, it will be back at full price, and you didn’t save the 25%.
@Git Em SteveDave loves this guy–>: Yeah, I think that learning to ignore marketing is a really important skill in this day and age. My fiancee even comments at how well I just completely tune it out. Of course with how ubiquitous advertising is you can’t avoid it entirely, but you can take steps to reduce the amount of it you see in your daily life. For example, thanks to our DVR, I don’t watch television advertising at all anymore, and I use Adblock on my web browser.
@johnva: It /is/ hard. Research studies show you have a limited amount of willpower, and what you ‘spend’ in one area will mean less available to spend in another area.
As just one example, a study included leaving cookies out on the table then having respondents either write a small essay about something harmless or about a time they resisted temptation. Then they were told ‘oh yeah, you can eat the rest of the cookies if you want.’ The people who had written essays about resisting temptation ate far more of the cookies (since they’d used some of their willpower just remembering).
The good news is you can train your willpower up by exercising it, but just like physical exercise these days most people are just flabby. ‘It’s not hard’ is just like saying ‘it’s easy for everyone to be skinny’. Technically this is true, but in practice it’s not.
@sarusa: I’d like to see that “study” and the conclusions they draw. Correlation is not causation.
@Clold: [dx.doi.org]
@sarusa: The weight loss thing is a very good analogy. Thanks for helping me see it a different way.
Different things are hard for different people, would be my main point. But if your point about willpower being limited is correct, it would seem that the thing to do is just to get yourself into good habits so that you don’t have to put so much mental effort into maintaining your self-discipline. That way, it just happens automatically. And I think that applies whether you’re trying to maintain your weight or maintain your finances.
@johnva: “But if your point about willpower being limited is correct, it would seem that the thing to do is just to get yourself into good habits so that you don’t have to put so much mental effort into maintaining your self-discipline.”
Yeah, but you still have to develop the good habit, which takes some doin’. Self-talk is a time-tested (and therapist-approved!) way to work on developing those habits. Maybe once the OP’s habits have improved, she won’t need the interior narrative.
(When I work with my students on thinking Socratically, I tell them, “The idea here is first I talk you through it all semester, then you start hearing my voice in your head when you need to think Socratic-style, then you start hearing your OWN voice in your head, then you start thinking that way without thinking about it.”)
@sarusa: But I thought the reason we use these mind tricks to tell ourselves no is so that we don’t have to use willpower?
If you use a mind trick like this, it’s basically convincing yourself that you don’t want it. Right? But wouldn’t willpower only truly be used if you walked away from the store, still wanting the item, but not buying it?
@johnva: i kind of have to agree with you. a little self control maybe would help? it’s sad though that for a lot of people, it really doesn’t matter how much they make…because regardless they’re going to overspend. i just think that maybe if math was held higher than english in the schooling system, maybe so many people wouldn’t be in debt.
@no.no.notorious: It doesn’t have anything to do with math. It has to do with a chemical released in the brain when buying/spending. That’s why there are treatment programs for compulsive shoppers.
Also probably why some people get out of a hole of debt and wonder how they got right back into it 6-12 months later.
It also helps to say, “I can get this, but I have to wait two weeks.” Usually by that time “got to have” erodes into “well maybe I’ll be fine without it after all.”
@Paper: This is the one I use most often. Plus, I think of all the accumulated crap I already have and don’t use and how frustrating it can be to live with it when it starts to pile up…
@Paper: The waiting period works for me. The first two or three times I think about buying something discretionary, I tell myself “Wait and see.” I’m superlazy, so if I actually make the effort to go back and buy whatever it is, it’s usually something I really want and will enjoy. 7-8 times out of 10 the waiting period is enough to make me forget about it.
@Paper:
That works for me too, except at the flea market, where waiting will often lose you the item. If it’s something I just want, and not need, like a book or a crazy knickknack, I can walk away. If I’m looking for a pot or a tablecloth or something, I’ll get it. Places that take cash only, like at a swap meet, make me spend less too.
I was in big trouble when the flea market I go to regularly started taking debit cards. Heeeeee.
well my big purchase is my divorce… 15 grand and counting… all on credit cards.
I used to have great credit
@lodleader: You need to learn to do without divorce, I mean, hell, if your spouse has life insurance, you could always look into cutting their brake lines…
All the reasons I want something: too numerous to list.
The one (and only) reason I don’t need something: lack of funds.
The list looks rather lopsided …
As much as I want to believe in this, I’m not sure if there is any way I can talk myself out of buying a sweet plasma TV to go with my xbox.
Although I suppose “wife would murder me” might be good enough. But would she *really* do that?
@downwithmonstercable: See above life insurance reply…
@downwithmonstercable:
Well, there’s really only one way to find out, right?
@downwithmonstercable: I bought one JUST to use with my Elite.
@downwithmonstercable: Its probably not such a bad purchase if your old television is a CRT or is many years old and is on its way out anyways. If you already have a new-ish TV and just want an upgrade so your Xbox games look better then its an outlandish purchase.
@downwithmonstercable: Here’s what you need to do. Find the TV you want, fall in love with it in a store, then stay there and play with it for a couple/few hours. Once the initial love wears off you might find yourself looking at the pricetag and rethinking the idea. There’s been times where I’ve loaded up most of a shopping cart, then wandered the store and slowly changed my mind until the cart is empty again.
The key is not to buy something while you’re geeked about it, let it settle in so you can weight the cost/benefits.
I go by the $100/day rule. Even if I wanted a pair of $50 shoes, I will still think it over for a day.
@innout3x3: are you saying you try not to spend more than $100 a day? Please elaborate.
@downwithmonstercable: I think I’ve heard this one as “for every $100 the item costs, wait that many days before buying it.” This means you have time to think about whether you really need it, etc., and the more expensive the item, the more time you have to mull it over and decide if it’s something you really need or can justify spending that much money for.
@selianth:
We use the $100 rule and the $300 rule. For every $100 spent on an item we have to wait a day before purchase.
$500 item requires a 5 day wait. $20,000 car = 200 day wait. Yes we recently bought a $20,000 car and yes we waited 6+ mos to buy it, we also saved up for the car over that time and paid cash for it.
The $300 rule is a marriage rule, anything either of us want to buy that costs $300+ has to be discussed and agreed to. We don’t have anyone to break the tie so its hard to convince the hubby that I need a $400 leather coat when I live in Fla. and its hard for him to convince me that he needs a $300+ purchase from Home Depot when he has every tool under the sun.
@SadSam: My husband and I do the $300 rule as well.
The other thing we do is sacrifice one thing for another. Right now, I want a dog. We have the money for food and the average vet bill but to make sure that things aren’t too tight, I need to give something up. To get the pooch, I need to quit smoking. If I can quit for 2 months (at which point I can convince myself that I am no longer addicted) then I can get the dog. So far it has been two days =)
Last year my husband wanted a new TV, so he quit drinking at bars for 3 months until he had saved up atleast 1/3 the cost of the TV.
@Meggers:
Good luck Meggars! So many animals out there needing a good home, I’m crossing my fingers for your sake,and your doggy-to-be.
@SadSam: I’d be ticked if my wife bought something that cost $250 without mentioning it to me. I hope she’d be equally ticked at me.
We don’t have a stated rule, but in practice, it’s about a $50 limit for general purchases. For “personal” stuff (electronics and movies for me, clothes for her) we’re only bound by our personal budgets, which roll over month to month.
@innout3x3: @Downwithmonstercable: I was gone for a while and didn’t see you’re response, but fellow consumers filled in the blank. Thanks guys =)
My problem is when I stumble across great “deals” like Woot! and I worry about missing out. When you miss out on a great deal, it just makes you crave getting the next one so you don’t miss out. They say the worse thing that can happen to a paranoid person is the thing they fear happening happening. If they make it through OK, it reinforces the behavior vs. something going wrong makes them doubt prepping. So the reason I do what I do is Boy Scouts.
@Git Em SteveDave loves this guy–>: I think Woot totally feeds on that craving, especially with a Woot off. So many deals happening so fast, you really have to act on your impulsive spending instincts.
@Git Em SteveDave loves this guy–>: *waves hand* These are not the deals you’re looking for.
But, I kind of lost you after the paranoid points…
@Jabberkaty: Well, I’m a paranoid person. I keep things in my trunk for “just in case”, to the point where there’s not much room for anything else. The problem is things happen, and I have something in there which helps the problem. This reinforces me keeping all this crap in my trunk. BUT, if I had all this crap, and it didn’t help out, it would be easier to remove it from my trunk. It’s like when you miss a deal, and you hear after wards how great it was, it eats away at you that you missed it, and you’re more likely to jump at the next deal. If you got burned by the deal, you’re less likely to go for it the next time something similar comes around.
@Git Em SteveDave loves this guy–>: Not to give you another thing to be paranoid about, but you might want to consider taking some of that stuff out of your car — the extra weight you’re carrying around everywhere could be decreasing your fuel efficiency and costing you more in gas!
…That probably didn’t help, did it?
@Git Em SteveDave loves this guy–>: That is me in a nutshell. I hate feeling that way about ‘deals’ because it just leads me to get incredibly stressed out and anxious, and it’s one of the reasons I hate shopping.
The way I talk myself out of things that are ‘great deals’ or ‘omg i need this’ is to ask myself if it is something I have room for or need to have in the house, and if it’s something that I will be regretting in three months, or six months, or next year.
Mostly it works – I didn’t buy myself some very expensive souvenirs at the end of my field season, with the rationale that I will (in theory) be going back to the same place next year and will have been working for most of that time, so I will have more disposable income later.
The sleep-on-it approach. This works well on anything you’d otherwise buy on an impulse (ie, had no intention of buying until you saw it). I find if I just leave the store, sleep on it, and still want the product enough to go to the store again to buy it then it’s validated. Rarely do I still want it after that.
@Ber’Zophus: I do this all he time at the book store I work at. I just keep it behind the counter, and by the next day I’m usually saying, “Screw it, I’ll just read it during lunch.” Especially since there are very few books I re-read.
@Ber’Zophus: i use a multi-prong approach; sleep on it, shop for better deals online and buyers remorse
@Gaambit: i haven’t purchased a new book in months. i utilize the library system, shop second hand, and trade books with friends and coworkers.
I’m can handle large purchases, but it’s the small ones that get me. That’s why I try to avoid carrying one dollar bills so I can avoid those quick trips to the snack machine, etc.
Ok, so I was standing in the Treasury Department the other day and I listed all those reasons I didn’t need to get that new bailout…
@sir_eccles: hahahha yeah. I really wish I had those billions of dollars now :/
@sir_eccles: It’s funny and it makes me want to cry all at the same time!
I keep a hundred dollars in my wallet and one credit card. Every time I am out in a store picking up the bare essentials for survival. I think hard about the hundred dollars in my wallet and think do I really need the box of Obama waffles. We don’t need all this materialistic crap that we are brain washed into buying. I understand that people do need unnecessary items to pass the time until the world ends. We just need to save our money and buy only what we need to live happy not above our means. We don’t need exotic cars or designer jeans that cost $400 dollars. We don’t need a huge house that we can barely afford to own or heat. This is what got the economy in the state it’s in now. I don’t really think it matters who gets elected because they can’t do much to get us out of this. They can try as hard as they can to give us tax breaks or stimulus checks. But in the end it’s up to us the consumer to start acting wisely about our spending and bring this economy back on track. I know people will disagree with what I said. It freedom of speech and you have every right to bitch it’s in the Constitution.
@mazda3jdm: Nobody likes the hard truth of their own responsibilities staring them down after they try to talk themselves out of it…
@mazda3jdm: Wait. Obama waffles?
I don’t want them. I just want to see them. And maybe take a picture.
@mazda3jdm:
*snerk*
“Obama waffles” almost made me spit my Rolo out onto my screen.
my trick is to buy nothing I haven’t planned to buy in advance.
I remind myself there’s always a better deal online and giving into your impulses now screws you out of the best deal possible.
@ironchef: Exactly. If I see something really cool in a store or whatever, I remind myself that it might actually be crap and I should go do some research. Loosing $100 by not buying it right away isn’t as bad as loosing $50 on something I have no use for or isn’t made to hold up.
When I make big purchases. I think about two things.
1) Is the pleasure that I get from the purchase worth the time that it took to earn the money?
2) If I buy this object, what am I giving up in the future by not having this money.
Definitely the sleep-on-it approach, as several commenters have already mentioned.
But also–and I wish I could remember where I read this… sometime earlier this year, I stumbled on an online article pointing out how often many of us buy things because we want to own them, rather than because we’ll necessarily be using them (or, at least, using them much). Sounds dumb that anyone would need to remind themselves of this, but it really has made a difference to how I think about spending (and I was already a cautious spender).
Another trick–if you ever get the chance to live for an extended period without most of your stuff (while traveling, couch-surfing, etc.), it does tend to help you realize how little of it you actually need. I came back from a long trip abroad, last month, and found I hadn’t missed much of the stuff I’d put in storage before leaving.
@EYESONLY: I understand that line of thinking (wanting to own something as opposed to actually using it) which is why I no longer buy movies on DVD or books as they are free at the library. Not only do I save money, but I don’t have to worry about storing the stuff either.
@halo969: …Yeah, you could say I was partly thinking of books.
Am currently trying to cut down from a former total of about 700-800, to 2/3 or maybe half that. (In my defense, I’m a grad student in literature…)
In part, the temptation was often in the form of, “This is such a great book/comic-strip collection/movie/etc., I have to own it!”–basically, part of you thinks it’s voting for the book by buying it. And of course, there are books I still feel like that about… but there are also books that can be re-checked-out of a library if/when I want to read them again. Ditto with movies, since I’m usually subscribed to Netflix.
@EYESONLY: I like your first idea of owning something for the sake of owning something…
Which is probably why my book collection has rapidly expanded since I started working full-time this year! Although I stopped buying books brand new. Second hand are just as great
Anything that can be bought second hand for a fraction of the cost and at the same quality is well worth it.
@EYESONLY: I’m a knitter and I’m like this about yarn. I won’t need it for something I’m about to do but I’ll want it because it’s yarn. I don’t give in (I don’t have the money or the space) but I totally understand wanting to buy something just to have it.
If I gave in I’d end up like this:
[www.flickr.com]
I bought way too much stuff I didn’t really need when I bought my house and still regret it. Every time I’m shopping I think about if I will regret the purchase and most of the time the answer is yes.
Now it takes me forever to talk myself into buying things. My dishwasher broke a few years ago and I’m still researching my options and washing things in the sink. It drives my family nuts, but helps keep my spending under control.
I also do this when food shopping, I ask if I’ll eat it in the next 3 or 4 days and if not I avoid buying it and wait until next time. This has really cut down on food waste at my house.
@kevinhall: I need to follow your lead when food shopping. That’s definitely my biggest area of waste right now.
@sarahq:
Oh gosh, me too. I’ve been trying to eat better but I hate cooking just for myself. So the nice veggies end up turning to mush. Talk about making something a habit!
I’ve done this same thing since I was 16 and had a job. In the end, my final thought usually is “I don’t need it and I can better spend my money elsewhere.”
Taking the time to do comparison shopping helps in two ways:
1. Either you end up buying the product for the lowest price, or
2. You end up not buying it at all when you find that you don’t want or need it badly enough to go compare prices.
I do most of my shopping online, which in itself generally saves me money. For anything I don’t urgently need, I put it in my shopping cart (or or wishlist or just a text file called “Future Purchases” on my hard drive). Then I wait. If I still want it 3 months down the road, and I can afford it, I go ahead and buy it. Otherwise, I delete it from the list and move on.
For Amazon shopping, this has an added benefit. You can see by watching your shopping basket any price fluctuations, so you know when your getting the best price, and you always have a ready supply of items to add to bump the purchase up to $25 so you can get free shipping.
@rhesuspieces00:
I love the shopping cart/buy later trick. I’ve had stuff sitting in my Amazon cart for mos.
I do two things. First, I think about how many hours I have to work to make up for that purchase. Since I haven’t had a job I liked in a long while, that usually knocks me out of the mood.
Second, I contemplate how I explain it to my husband. Since he’s a penny pincher, having to find a way to rationalize it to him makes me realize how stupid my own arguments sound.
I also save for weeks and weeks for larger purchases. Like our new television, we set a goal that we wanted to buy it in November and we’ve been saving for it since then. We managed to save up more than enough, so that surplus just stays in the savings account.
@Meiran: Oooh yeah that first one was practically my motto for many years. Still is important.
I keep spending down by purposely living in a 700 sq. ft. apt. with no closets. Everything has to be out in the open, so I find that I rarely buy anything (including home furnishings) as I don’t want it in the place if I don’t use it on a daily basis. When most people see our place they think we just moved in. People also think we’re crazy b/c we only have one t.v. *gasp* and no cable. (Cable internet, though.)
@smallestmills: My hubs and I have a similar plan. I work out of the house, so we have a little more square footage, but no closets at all (loft space with very little build-out) so any purchase, from kitchen gadgets to couch pillows, has to displace something else. It’s an excellent way to keep our spending in check, as well as simplifying life in general. Who wants to vacuum or sweep 2500 square feet?!? Suckers!
two words to help control your out of control spending:
IRON WILL
there, was that so hard?
@tjmage1: Yes, that’s why it’s called iron.
I usually ask myself the following: by buying this physical product, what intangible product am I hoping to get? If the answer is something that can be acquired WITHOUT a purchase, then I don’t buy it.
For example, let’s say I’m looking at a dress and considering a purchase. I’ll ask myself if I am really looking for a dress…or if I’m looking for the sense of femininity that comes along with wearing a dress. (I don’t need to buy femininity; I can achieve that through other, non-consumer means.) Let’s say I’m looking for a new wireless phone. Do I really want a new phone, or am I hoping that the phone is the means to an end result of more/stronger social interaction? Am I buying a pair or means, or am I trying to buy self-confidence? Am I buying a business suit, or am I trying to buy credibility? Social interaction, the building of confidence and credibility…all of the above can be achieved without actually purchasing a thing.
I hope this makes sense to someone else.
@summerbee: or means = of jeans. Geez. Edit button, anyone?
The waiting-period approach usually works for me. Also, I think about where I would keep the new widget, and if I can’t visualize a place for it my house, I’m much less likely to buy it. The thought of all the time (years) and energy I’ve spent decluttering in the wake of a relationship with a major packrat, and the thought of how much I love my space, is a powerful motivation.
- Did I need it before I came into the store?
- Have I slept on it?
- How much do I actually know about the product?
- What do other consumers say about this product?
- Do I already have something that does what this product does?
Clothes and shoes are my Achilles heel when it comes to bad spending habits. I have cut down on my spending markedly by becoming ultra-ruthless when I try on clothes and shoes. It probably sounds silly, but in the past I have bought stuff that I only kind of liked because I felt I needed that kind of item (say, I need a black sweater, so after looking around for a black sweater I like, I settle for something I’m not crazy about). I started to get tired of having stuff I didn’t feel like wearing, plus looking at those items in my closet inevitably reminded me of the money I wasted, so I developed a ruthless eye for even the slightest flaw. It’s pretty amazing how much I have saved myself, and even though it’s much harder to find something to add to my wardrobe now, I am much happier with what I do have.
@DrGirlfriend: i just posted essentially the same comment as well – i do the same thing!
Will my spouse give me “the look” when I tell her about it?
“Ok, I guess I don’t need it that bad.”
or
“Hmmm, If I hide it in the garage, I can say I’m borrowing it for a while.”
And of course, in some cases (mostly w/B&M stores) there are always the “buyers remorse returns”. That gives you time to realize that you don’t need the item and you do need the money. Of course, it’s better to just realize that before you make the purchase.
All good advice so far. My wife and I only allow ourselves a certain amount of extra spending money a month (equal amounts). If either of us runs out, no more extra spending. And if we want a big ticket item, we have to save up for it, just like when we were kids and got allowances. This month, I actually cancelled my WoW subscription to afford a new rack mounted processor for my rig!
I’ve found that once you have a budget in place, all the other advice listed before this post comes naturally. Because I have a limited amount to spend, I make special care to get the best deal, read reviews, specs, etc of anything I’m considering buying.
Oh, and a commenter above said something about having a small apartment with no closets – Ours is 550 square feet and we have NO tv
We have a policy that if my wife gets a new article of clothing, she “trades in” and gets rid of something old, so we don’t have too much. We used to live in a 200 sq ft studio, so this is huge for us!
it’s really easy to talk myself out of buying clothes like this. if the item doesn’t fit EXACTLY as it should, i won’t buy it because i know i won’t wear it much. so i force myself to see every little flaw with it before purchasing. my worst habit is buying lunch, which is hard to talk myself out of when i’m hungry. and on my small salary, brown bagging it really does make a difference for me.
Will the price drop on it in time? Will it hurt me to buy it THEN?
Then I usually forget about it.
My problem is not the big stuff I can budget and save for that, it is the little things $20 or less. Or hey lets just order that pizza.
I count anything over $50 as a “big purchase”. If I buy something, it will be on the second or third trip to look at it. I never buy at first sight. That said, here’s my thought process:
1. Do I need it – what is it? what will I used it for? If it’s replacing something, why am I replacing it? Can I upgrade the old thing or make it better?
2. Why do I want it – what, in my subjective viewpoint, makes it a must-have? From here, I’ll pick myself apart in analyzing and over-analyzing why I want it.
3. What am I giving up to get it – I don’t know anyone buying on unlimited funds, so I imagine everyone deals with this. What is the trade off? If I buy this, what must I give up during the next two weeks to compensate for the financial diversion?
4. Chance of a bargain later on? How close to the holidays are we? Is it soon end of quarter/end of fiscal year? Is there a new model coming out soon, can I wait that long? Especially with gadgets, Gizmodo and Engadget are lifesavers here. Also, does the company operate any outlet stores?
As a whole, I buy very little when it comes to expensive/big purchases. My last big purchase was a laptop bought at end of fiscal year, and I debated that purchase for three months (and repaired an old laptop twice in the meantime). Also, between this website and the analysis derived from question 2, I’ve become more and more anti-corporate and anti-commercialist.
“I don’t care too much for money… Money can’t buy me love.”
That’s a very wise way to put it. Also, I try often to remember how very blessed I am and focus on THAT rather than what I don’t have. That helps too.
The best way I have find to stop myself from purchasing something. I just wait it out and think about it for 2 days. Normally about 2-3 hours later after walking away. I decided that made a good decision waiting to buy it. If after 2 days I still really want it bad. I may go purchase it.
My deterrent is to go as long as I can without spending money. Friday is designated as a shopping day (and only items on the list, which is final two days prior to shopping) so it doesn’t count. I cross out the days I’m successful on the calendar, then follow the Seinfeldian “Don’t Break the Chain” method.
Longest I’ve gone is 50 days. I’m now shooting to double that.
Oh one other thing. It’s need over want. Ask yourself, “do i need this” or “do i want this” . A want can be bought later. Something you need can be bought on the spot.
I usually put back whatever it is I am tempted to buy, and walk around the store for awhile (or go to a different store). 99% of the time I have forgotten all about that thing I thought I “needed” or it just isn’t worth going back for. That trick has helped me a lot. I used to be a bad impulse shopper.
I walk around the store with baubles until they loose their appeal. I’ve got a short attention span. It doesn’t take long.
Reading the comments here can be uplifting when trying to de-packrat yourself and to control spending, its one of my best defenses against overspending.
When making a gadget purchase or a larger purchase (for me a big purchase is 25$ or more!) I ask myself:
Do I already have something that can do this?
Am I overbuying or is there a lower end model of this product that I can buy that will meet my needs and save me money in the long run? Many people when buying electronics overbuy and then don’t even use half the features of the device they are buying, they could have saved money by stepping down a model!
What brand has the lowest price for the features that I will use the most?
Is this a reliable device, will it break easily on me?
What do others have to say about this product?
Is there a new model coming out soon that will replace the old with perhaps new and better features for less money?
For video games they have to drop in price before I buy them, simple as that. They drop in price too fast to be spending even 30$ on the latest game when it will be down to 20$ or even less in 2-3 months and even less money after that. I really drill myself on gadget and video game purchases. All or most of these purchases are made online in order to avoid the high pressure sales tactics of retail.
Sites like woot don’t offer me much because usually I am looking for a specific product for a specific need so the chances one of those sites will have something on it that I want are pretty slim. I also don’t impulse buy in the sense that I want to grab every deal that is on woot.
Clothing kind of has to be an impulse buy, however I don’t buy much clothing outside of the basics so I am ok with that. If you don’t buy on the spot from the clearance racks then you will be losing out. You can go into the dressing room and try it on and make sure it fits but you really have to make your decision on the spot or within the hour. If you come back in 2-3 days for the same clothing item it will likely be gone. I seem to be wearing everything that I buy until it falls apart which is good.
i used to have a big impulse problem. to combat it, for awhile i continued to grab items, but before i checked out, i forced myself to justify each purchase i was making. over time, i’ve found myself needing to do this less & less. now, i don’t even grab the stuff off the shelf if i can’t justify the purchase. one question i always ask myself – “will i be satisfied with this purchase, or should i wait until i find what i’m really looking for?”
i still have a weakness when it comes to online shopping – give me 5 minutes on newegg or amazon & i could easily spend $1000. this is where shopping carts ROCK for me – i see something i like & i dump it in my cart – i still get the “shopping high”, but i rarely, if ever, actually purchase anything in the cart. i build a virtual computer just about once a week on newegg, but i’ve never actually built the computer (i build computers all the time – i’ve just never built the ONE). it’s quite cathartic actually.
At school during the summers, I would store everything (except 2 suitcases) in a friend’s attic for the summers. Anytime I contemplated buying anything – clothes, kitchen stuff, anything – I always thought ‘you will be hauling this four floors up and four floors down in a few months. Is it worth it?’ And that actually worked.
Now, living in a grown-up apartment year round, more of an iron will is needed. I usually try to sleep on it, not window shop, and definitely leave stuff in the online shopping cart. I also track my spending (on a pretty plain spreadsheet) and try to think how I’ll feel in a week or two typing whatever amount it is into the spreadsheet. Will it feel justified and like whatever it is was useful? Or will it feel wasteful?
Best tip of all time: TAKE A PICTURE! Most everyone has a camera built into their phone these days. This especially works well at the book store…. capture the cover, and then check the library catalog when you get home. And it also works well when you KNOW you can find it cheaper online.
My biggest deterrent? I ask myself “how many hours will I need to work to earn enough to buy this”. If it doesn’t seem like it’s worth it to me, then I don’t buy it.
When faced with an impulse or big ticket purchase, i remind myself of the last item I purchased in that fashion and how little use it is to me (usually my PS3)..I usually then resolve to utilize said item instead of buying something new. This gets me out of the store, and since I then never touch the PS3 either, the thought is still intact for the next time i’m faced with such a decision…So basically buy 1 ridiculously useless thing and then force yourself to never do it again..
I ask myself, “Is there any way to make taxpayers pay for this?”, and if there isn’t, I lobby Congress until there is. Otherwise my buddies, who used to work for Freddie and Fannie, will just ask this really old dude to make it part of his de-regulation campaign in the not-so-distant future. Socialized healthcare is for sick corporations, not sick people. When you make as much money as an airline, bank, or car manufacturer, then come and talk to me!
It’ll work again. It always has throughout years past.
I mean, it might not work too good this year, as we’ve gone to the well one too many times, but I firmly believe there’s no financial crisis we can’t spend our way out of, and the American people will forget my involvement before too long. I mean heck, we got away with billions from the Savings and Loan debacle and hardly anybody remembers what the “Keating 5″ scandal is. We’re still counting our profits from Enron, and I betcha don’t know what that is anymore. (No, not Exxon, LoL, Enron) My operatives are fighting tooth and nail right this second trying to elect a guy who fought his whole political life for de-regulation. (Yes I know we just got a $700B bailout, but I’m talkin’ real money)
My time will come again, and I won’t have to talk myself out of buying anything.
Bwa hah ha hah ha. Nom Nom Nom.
@Radoman: “+1 to the Fuld List”
I’m suffering financially at the moment. There have been things I’ve been coveting for months, and everytime I get close to buying something, wham! nasty unexpected bills arrive.
I do get a buzz out of resisting a purchase though. Kind of like when you go for a long run…. you feel so virtuous that you did it.
It’s very simple for me: I gauge the kick-me factor. The KMF is simply, on a scale of one to ten, how much will I want to kick myself if I don’t buy this NOW? If it’s something I need or really truly a great deal, the KMF will be high and I’ll probably buy it; but if it’s something I could get anywhere, or maybe get a better price on if I did the research, or could wait, the KMF will be low…and in the recent climate, I don’t even *consider* anything with a KMF below eight!
As a college student, I live on a more or less fixed income during the school year, and I try to scrimp as much as possible during the summer to keep my job earnings. My general policy is to wait a week after wanting to buy something. If I remember it and still really want it, I’ll go for it. $100 rules just don’t work that well when you aren’t consistently rich or poor.
I use all these tricks and more, but I hate spending money to buy stuff. I hate clutter, plus I get to travel more if I spend less elsewhere.